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NEW DELHI: Domestic stocks looked set to open flat with a negative bias on Wednesday. Gains in Asian markets and approval to US stimulus package may provide some thrust.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 6.25 points, or 0.05 per cent, lower at 13,435.50, in signs that Dalal Street was headed for a flat start on Monday.
Tech View: 13,550 key for Nifty
After the wild swings seen by the Nifty-50 index, the benchmark has created a Bullish Harami kind of pattern on the daily chart, indicating a likely continuation of the bullish sentiment, but analysts said it was too early to confirm a trend. According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, for the positive momentum to continue the Nifty 50 needs to sustain above 13,550 levels.
Synopsis
The 50-share pack Nifty formed a big red candlestick formation on a daily chart as it erased the gains of the last 11 days. Nifty may be on the cusp of a reversal after the Nifty-50 snapped a six-session winning streak and tumbled more than 400 points on Monday, but analysts said they would wait for more evidence to confirm the same.
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Nifty futures on the Singapore Exchange traded 34.25 points, or 0.26 per cent, higher at 13,412, in signs that Dalal Street was headed for a start in green on Tuesday.
NEW DELHI: Domestic stocks looked set to open on a firm note on Tuesday, after a massive fall on Monday, as low-level buying may ensue. Analysts said there may be some correction, but the overall trend remains positive.